Chinese Ming painting sells for record

BEIJING (Reuters) - A Ming Dynasty painting has been sold in China for 79.5 million yuan ($10.68 million), smashing the record for Chinese artwork, Xinhua news agency said on Wednesday.

The work, Red Cliff Handscroll, by Qiu Ying (1494-1552) was sold on Tuesday to a private buyer at an auction in Beijing.

"The Red Cliff Handscroll is the first Chinese painting to have been sold at more than $10 million. It is a fair price for the masterpiece considering its invaluable artistic and historical worth," auction organizer Wang Yannan was quoted as saying.

The bidding for Qiu's masterpiece started at 40 million yuan.

"It marks the status of Chinese painting in the international market, which has been raised to a new level," Wang said.

Chinese art prices have boomed in recent years, fuelled by a robust global economy and nouveau-riche buyers from China drawn to their cultural heritage and those who see art as a solid investment.

Qiu, one of the four Great Masters of the Ming Dynasty, is highly regarded for his distinctive style of incorporating different techniques and varied palette.

Qiu left fewer than 50 pieces of artwork. There are only three in the Red Cliff Handscroll series, two of which are in the Liaoning Provincial Museum and Shanghai Museum.

A rare oil painting by renowned Chinese artist Xu Beihong fetched $9.2 million at a Sotheby's sale in April this year, holding the record for the most expensive Chinese painting ever auctioned until now.

On the other side of the world, a Matisse painting broke previous records for the artist drawing $33.6 million at Christie's in New York.